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Jim Winkelmann blames investment firm’s collapse on St. Louis lawyers

"Winkelmann went to Greensfelder for advice that would allow him to leave a legacy for his family; he received advice that ended his career," the lawsuit said.

ST. LOUIS BUSINESS JOURNAL -- When Jim Winkelmann was diagnosed with skin cancer in 2010, he sought to grow his investment firm so his family would be taken care of.

Winkelmann, a longtime St. Louis investment advisor, soon hired Greensfelder Hemker & Gale P.C. to advise him on a strategy for Blue Ocean Portfolios LLC, founded in 2009.

What happened next led to the collapse and distressed sale of Ladue-based Blue Ocean, according to a legal malpractice lawsuit Winkelmann filed last month against Greensfelder in St. Louis Circuit Court.

“Winkelmann went to Greensfelder for advice that would allow him to leave a legacy for his family; he received advice that ended his career,” the lawsuit said.

It alleges that Greensfelder attorney Michael Morgan suggested a plan in which investors would buy royalty units in Blue Ocean in exchange for the right to receive a minimum percentage of its cash receipts.

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